-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QZJi2E6Heh/E3GkQgrjOhnTDXgl0+AnsTt3Nyi7il6rDV+OZ2BrsLMIvxTWENKNs rMvde+qInCdmPp0/hnRVKg== 0000008411-06-000122.txt : 20061018 0000008411-06-000122.hdr.sgml : 20061018 20061018170005 ACCESSION NUMBER: 0000008411-06-000122 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061018 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061018 DATE AS OF CHANGE: 20061018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATWOOD OCEANICS INC CENTRAL INDEX KEY: 0000008411 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 741611874 STATE OF INCORPORATION: TX FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13167 FILM NUMBER: 061151358 BUSINESS ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 BUSINESS PHONE: 2817497845 MAIL ADDRESS: STREET 1: 15835 PARK TEN PL DR STREET 2: SUITE 200 CITY: HOUSTON STATE: TX ZIP: 77084 8-K 1 f8koct182006.txt M_____________________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION CityplaceWASHINGTON, StateD.C. 20549 ------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF EARLIEST EVENT REPORTED: OCTOBER 18, 2006 ATWOOD OCEANICS, INC. (Exact name of registrant as specified in its charter) COMMISSION FILE NUMBER 1-13167 TEXAS (State or other jurisdiction of incorporation or organization) Internal Revenue Service - Employer Identification No. 74-1611874 15835 Park Ten Place Drive, Houston, Texas, 77084 (281) 749-7800 ------------ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ -1- ITEM 7.01 REGULATION FD DISCLOSURE The Company's Fleet Status Report at October 18, 2006 is attached hereto as Exhibit 99.1. Such information is being furnished under Regulation FD and should not be deemed to be filed under Section 18 of the Exchange Act. The Fleet Status Report has also been posted on the Company's website at www.atwd.com. All changes from the Company's last Fleet Status Report dated October 11, 2006 are highlighted in yellow on the Company's website. As noted in the attached Fleet Status Report, Woodside Energy, Ltd. elected to extend its contract commitment for the ATWOOD EAGLE to two years. The dayrate for the two-year period will be approximately $405,000, with the contract expected to commence in December 2007. The ATWOOD FALCON continues with its shipyard project and remains within its expected budgeted total cost of approximately $32 million. As a result of expensing a portion of these costs during the shipyard period, operating costs for the ATWOOD FALCON during both the last quarter of fiscal year 2006 and the first quarter of fiscal year 2007 are expected to be between $60,000 and $70,000 per day. The ATWOOD BEACON has completed its drilling commitment in country-regionVietnam and is preparing to be moved to a shipyard in placecountry-regionSingapore to have its last leg sections reattached. This process is now expected to take three to four weeks to complete, with a loss of hire insurance coverage of $70,000 per day to be receiving during this period. Following the reattachment of the leg sections, the rig will be moved to country-regioncountry-regionIndia to commence its twenty-five (25) month contract commitment with Gujarat State Petroleum Corporation Ltd. The country-regionVICKSBURG has completed its drilling program in country-regionMalaysia and is preparing to move to country-regioncountry-regionThailand to commence working for Chevron. Statements contained in this report with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors including; the Company's dependence on the oil and gas industry; the risks involved the construction of a rig; competition; operating risks; risks involved in foreign operations; risks associated with possible disruption in operations due to terrorism; risks associated with a possible disruption in operations due to a war with Iraq; and governmental regulations and environmental matters. A list of additional risk factors can be found in the Company's annual report on Form 10-K for the year ended September 30, 2005, filed with the Securities and Exchange Commission. ITEM 9.01 EXHIBITS EXHIBIT 99.1 FLEET STATUS REPORT OCTOBER 18, 2006 -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ATWOOD OCEANICS, INC. (Registrant) /s/ James M. Holland James M. Holland Senior Vice President DATE: October 18, 2006 -3- EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 99.1 Fleet Status Report at October 18, 2006 -4- EX-99 2 exhibit991.txt EXHIBIT 99.1 ATWOOD OCEANICS, INC. AND SUBSIDIARIES FLEET STATUS REPORT AS OF OCTOBER 18, 2006 As used herein, "we", "us", and "our" refers to Atwood Oceanics, Inc. and its subsidiaries, except where the context indicates otherwise. Statements contained in this Fleet Status Report, including information regarding our estimated rig availability, contract duration, future dayrates, future daily operating costs, future effective tax rates, customer or contract status are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors including: our dependence on the oil and gas industry; the risks involved in upgrade, repair and construction of our rigs; competition; operating risks; risks involved in foreign operations; risks associated with possible disruptions in operations due to terrorism; risks associated with a possible disruption in operations due to the war with Iraq and governmental regulations and environmental matters. A list of additional risk factors can be found in our annual report on Form 10-K for the year ended September 30, 2005, filed with the Securities and Exchange Commission. All information in this Fleet Status Report is as of the date indicated above. We undertake no duty to update the content of this Fleet Status Report or any forward-looking statement contained herein to conform the statement to actual results or to reflect changes in our expectations. CHANGES WILL BE HIGHLIGHTED IN YELLOW - ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE PER DAY ESTIMATED ESTIMATED OPERATING COSTS (NOT RATED CONTRACT CONTRACT INCLUDING TAX) FOR THE ADDITIONAL RIG NAME WATER LOCATION CUSTOMER END DATE DAYRATE THREE MONTHS ENDED COMMENTS DEPTH AUGUST 31, 2006/MONTH OF AUGUST 31, 2006 ONLY - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLES: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5000' Australia BHP BILLITON FIRM WORK - 8 wells at $86,000/86,000 Wells are subject EAGLE PETROLEUM PTY (10 wells) $158,000 to a change in ("BHPB") August 2007 1 well at sequence and a $168,000 portion of the 1 well at dayrate is subject $150,000 to some change due to currency exchange rate variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia BHPB OPTIONS - $168,000 N/A A portion of the (3 wells) dayrate is subject November 2007 (if to some change due all three option to currency wells are drilled) exchange rate variance. -1- - ----------------------------------------------------------------------------------------------------------------------------------- Australia ENI Spa AGIP FIRM WORK - $360,000 N/A We expect the well EXPLORATION & (1 well) to take 40 to 45 PRODUCTION December 2007 days to complete. DIVISION ("ENI") (assuming that all of the above option wells are drilled) ----------------------------------------------------------------------------------------------------------------------------------- Australia WOODSIDE FIRM WORK - $405,000 N/A A portion of the (2 years) dayrate is subject December 2009 to some change (assuming that all due to currency of the above option exchange rate wells are drilled) variance. - ----------------------------------------------------------------------------------------------------------------------------------- Australia N/A N/A N/A N/A The rig could be off dayrates for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 5,000' Mauritania/ WOODSIDE FIRM WORK - $240,000 $66,000/65,000 Operating costs HUNTER Libya April 2008 (Mauritania) (Operating costs were are expected to be $245,000 (Libya) higher than normal for $50,000 to $55,000 (The rig the three months and per day while incurred nine month ended August 31, working in (9) days of zero 2006 due to higher Mauritania/Libya; rate in August costs incurred during however, costs 2006 due to an the period that the could be higher equipment repair rig was relocated from during any issue, which Egypt to Mauritania.) relocation period. reduced revenues by approximately $2.2 million). -2- - ----------------------------------------------------------------------------------------------------------------------------------- Mauritania N/A N/A N/A N/A The rig is expected to be off dayrate for ten to fourteen days during the first quarter of fiscal year 2007 for required regulatory inspections and maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- TBD WOODSIDE OPTIONS - TBD N/A Two (2) six-month options. - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD In process Shipyard SARAWAK SHELL FIRM WORK - $90,000 $40,000/44,000 The rig is FALCON of being BERHAD ("SHELL") November 2006 (for up to 85 currently upgraded days) undergoing an $32 to 5,000' million shipyard project with Shell paying $24 million of the costs.(Due to expensing certain costs incurred during the shipyard period, we now expect operating costs for the last quarter of fiscal year 2006 and first quarter of fiscal year 2007 to be between $60,000 and $70,000 per day.) - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $93,200 N/A The rig should (2 wells) drill two wells at January 2007 $93,200 following the upgrade. (The $24 million Shell reimbursement will be amortized as revenues over the remaining firm contract commitment following the upgrade (33 months) which will increase dayrate revenues by approximately $24,000.) -3- - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $113,000 N/A July 10, 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL FIRM WORK - $160,000/ N/A Most of the work (2 years) $200,000 during this period July 2009 (dayrate depends is expected to be on water depth at the $160,000 of each well) dayrate level. - ----------------------------------------------------------------------------------------------------------------------------------- Malaysia SHELL OPTION - TBD N/A (1 year) - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 2,000' Mobilization TOREADOR TURKEY FIRM WORK - $100,000 $42,000/40,000 Operating costs SOUTHERN to Black Sea- LIMITED November 2006 are expected to be CROSS Bulgaria/ ("TOREADOR") AND between $60,000 to Turkey MELROSE RESOURCES $65,000 per day ("MELROSE") mobilization and $45,000 to $50,000 while working in the Black Sea. - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TOREADOR FIRM WORK - $125,000 N/A TOREADOR might (3 wells) drill its last February 2007 well after the (Assumes all three MELROSE program is wells are drilled.) completed. If so, the dayrate for the last well will be $135,000. - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE FIRM WORK - $125,000 N/A (3 wells) May 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Bulgaria MELROSE OPTIONS - $125,000 N/A (2 wells) July 2007 (if both option wells are drilled) - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TURKIYE FIRM WORK - $290,000 N/A PETROLLERI A.O. (3 wells) ("TPAO") October 2007 (assuming above option wells are drilled) -4- - ----------------------------------------------------------------------------------------------------------------------------------- Turkey TPAO OPTIONS - $320,000 N/A If TPAO exercises (3 wells) their options, the January 2008 well sequence for (assuming MELROSE TPAO option wells option wells and VANCO wells drilled and TPAO could change. exercises options to drill all three option wells) - ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO FIRM WORK - $305,000 N/A See above INTERNATIONAL (1 well) LTD. ("VANCO") March 2008 (assuming MELROSE and TPAO options are exercised) - ----------------------------------------------------------------------------------------------------------------------------------- Ukraine VANCO OPTIONS - $325,000 N/A See above (1 well) April 2008 (assuming MELROSE, TPAO and VANCO options are all exercised) - ----------------------------------------------------------------------------------------------------------------------------------- CANTILEVER JACK-UPS: - ----------------------------------------------------------------------------------------------------------------------------------- ATWOOD 400' Mobilization GUJARAT STATE FIRM WORK - $110,000 N/A BEACON to Singapore PETROLEUM October 2006 CORPORATION LTD (Mobilization is ("GSPC") expected to take one week.) - ----------------------------------------------------------------------------------------------------------------------------------- Singapore N/A November 2006 $70,000 N/A Loss of hire (The rig is insurance coverage expected to be in (includes dayrate Singapore and cost of tow three to four boat during the weeks to reattach Singapore period.) its last leg sections.) -5- - ----------------------------------------------------------------------------------------------------------------------------------- Mobilization GSPC FIRM WORK - $110,000 N/A to India November 2006 (Mobilization is expected to take 17 days.) - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $113,000 N/A (13 months) December 2007 - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC FIRM WORK - $133,500 N/A (12 months) December 2008 - ----------------------------------------------------------------------------------------------------------------------------------- India GSPC OPTIONS - (1 year) TBD N/A - ----------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- VICKSBURG 300' Mobilization CHEVRON OVERSEAS FIRM WORK - $89,775 (95% of N/A The rig is to Thailand PETROLEUM October 2006 operating rate) preparing to ("CHEVRON") (Mobilization commence its is expected mobilization to to take three Thailand. days.) - ----------------------------------------------------------------------------------------------------------------------------------- Thailand CHEVRON FIRM WORK - $94,500 N/A (8 months) June 2007 - ----------------------------------------------------------------------------------------------------------------------------------- Thailand CHEVRON FIRM WORK - $154,000 N/A (2 years) June 2009 - ----------------------------------------------------------------------------------------------------------------------------------- Thailand N/A N/A N/A N/A The rig could be off dayrate for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. -6- - ----------------------------------------------------------------------------------------------------------------------------------- SEMISUBMERSIBLE TENDER ASSIST UNIT: - ----------------------------------------------------------------------------------------------------------------------------------- SEAHAWK 1,800' Equatorial AMERADA HESS FIRM WORK - $68,430 Average per day The rig's Guinea EQUATORIAL (2 years) operating costs operating costs in GUINEA, INC. September 2008 during August Equatorial Guinea, ("HESS") 2006 were are expected to be $46,000. $45,000 to $50,000 per day; however, costs could be higher during the initial start-up period. Fees received during the mobilization period are expected to cover mobilization costs. (The $5.5 million of fees received prior to and during the mobilization period along with all mobilization costs will be amortized over the firm two year period of the contract; which is expected to increase per day revenues and costs by approximately $7,500.)(Contract provides for dayrate increases based upon certain cost escalations beginning with the second year of the contract.) - ----------------------------------------------------------------------------------------------------------------------------------- Equatorial HESS OPTIONS - $68,430 N/A Dayrate subject to Guinea (2 years) increase due to September 2010 contract cost (if all four escalations. six-month options are exercised) - ----------------------------------------------------------------------------------------------------------------------------------- SUBMERSIBLE: - ----------------------------------------------------------------------------------------------------------------------------------- RICHMOND 70' US Gulf HELIS OIL & GAS FIRM WORK - $80,000 $28,000/29,000 of Mexico ("HELIS") (5 wells remaining, including current well) July 2007 -7- - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf HELIS OPTIONS - TBD N/A of Mexico October/November 2007 (one option for four additional wells) - ----------------------------------------------------------------------------------------------------------------------------------- US Gulf o N/A N/A N/A N/A The rig could be of Mexico off dayrate for ten to fourteen days during the first quarter of fiscal year 2008 for required regulatory inspections and maintenance. - ----------------------------------------------------------------------------------------------------------------------------------- MANAGEMENT CONTRACT - ------------------------------------------------------------------------------------------------------------------------------------ NORTH N/A Australia WOODSIDE FIRM WORK - Daily margin of The management RANKIN 'A' December 2006 $5,000 to $7,000 contract could terminate upon completion of the current drilling program for the NORTH RANKIN `A' platform. This work is expected to be completed in December 2006. - -----------------------------------------------------------------------------------------------------------------------------------
NOTE - EXPECTED TAX RATE 1) An effective tax rate of 11% to 13% is expected for the fourth quarter of fiscal year 2006, with an effective tax rate of 4% to 6% expected for fiscal year 2006. The effective tax rate for fiscal year 2007 is expected to be 20% to 25%. Virtually all of the Company's tax provision for fiscal year 2006 and expected tax provision for fiscal year 2007 relates to taxes in foreign jurisdictions. Working in foreign jurisdictions with nontaxable or deemed profit tax systems contribute to the effective tax rate being significantly less than the United States statutory rate. 2) Other Drilling Costs in Addition to the Above Rig Costs - PER DAY FOR THREE MONTHS ENDED AUGUST 2006 $14,000 -8- -----END PRIVACY-ENHANCED MESSAGE-----